In recent times, most of the new property launches in Bengaluru, have been concentrated in the northern region of the city. The attraction has been so profound that north Bengaluru has started overshadowing other property hotspots like the Outer Ring Road, Sarjapur and Whitefield.
While mass housing destinations across the country, like Rajarhat New Town in Kolkata or Greater Noida West in Delhi-NCR, have come up because of low price points, the real estate market in north Bengaluru is dotted with all kinds of offerings, ranging from affordable housing to upscale luxury and villa projects.
Airport boosts north Bengaluru’s development
Ashish R Puravankara, managing director of Puravankara Limited, believes that it is a combination of attractive price points, future growth and land availability that have made north Bengaluru an attractive property destination.
“The availability of large land tracts, good connectivity to business districts and adequate social infrastructure, are the reasons why developers are flocking to north Bengaluru. Globally, we have seen that airports regions, coupled with good network of roads, are epicenters of development and the same is true for north Bengaluru. This region also has excellent schools, hospitals and malls, along with upcoming office supply. Just to put things in perspective, 3,000 acres of space has been trifurcated into three business parks – IT, hardware and aerospace and this is ten times the size of Electronic City,” says Puravankara.
P Ravindra Pai, managing director of Century Real Estate, maintains that in the past, the main attractions in north Bengaluru, were the Nandi Hills and the Aero Show. Although large parcels of land were available, most of the developers stayed away. However, ever since the Bengaluru international airport started its operations in May 2008, north Bengaluru has witnessed increasing development.
“The areas from Hebbal to Devanahalli, have recently witnessed a splurge of residential and commercial development. There are also many planned projects – both residential and commercial – which are at various stages of execution. Developers are also expecting further infrastructure development, including hardware and tech parks, which are coming up near the airport. Investors can also buy residential properties at affordable costs,” Pai explains.
Saturation of prime locations pushes demand for property in north Bengaluru
JC Sharma, VC and MD of Sobha Limited, points out that the prime locations of Bengaluru have reached saturation and new residential micro-markets are emerging. One such micro-market is north Bengaluru, which has received a tremendous boost with the development of the Kempegowda International Airport, he says. It has become a hotspot for real estate investment, especially for luxury housing.
“Close proximity to Manyata Tech Park, Aerospace SEZ and other IT parks, gives this market the right momentum for further social and commercial growth. Additionally, the completion of the elevated expressway, connecting Hebbal junction to the international airport, has provided seamless connectivity to north Bengaluru. Some of the housing hotspots in north Bengaluru include Jakkur, Hebbal, Bellary Road and Thanisandra,” says Sharma.
It is not just the residential projects that make north Bengaluru a promising destination for future investment. Commercial developments and travelling distance to major job catchment areas, are also attracting buyers to this part of the city.
Job magnets in the vicinity include Manyata Embassy Business Park, Karle Town Centre, Kirloskar Tech Park and Brigade Magnum. Companies like Shell, Airbus, Bombardier, Boeing, Tyco Electricals, Thyssen Krupp, AMADA and Starrag are expanding their presence in this micro-market. Other multi-national corporations are also investing along this stretch, due to the availability of large land parcels and improved connectivity to the city centre and major tech clusters.
Key factors that have made north Bengaluru an attractive real estate destination
- Proximity to the Kempegowda International Airport.
- Rapid infrastructure development over the past few years.
- Presence of malls, multiplexes, retail outlets, hospitals, schools and banks.
- Close proximity to Manyata Tech Park, Aerospace SEZ and other IT parks.
- Expansion of Yelahanka Railway Station.
- Good connectivity through the Peripheral Ring Road and Hebbal-Devanahalli elevated expressway.
- High-speed rail link connecting central Bengaluru with the Bengaluru International Airport.
- Bengaluru Metro Rail Phase 2 – Bengaluru International Airport to Nagawara to Gottigere and Bellary Road.
(The writer is CEO, Track2Realty)